10 Best Mortgage Refinance of 2017

Take advantage of lower mortgage rates & make your monthly payments more affordable. To learn how mortgage refinance can help you lower your monthly mortgage payments call 844-572-9022.

Disclosure: We receive advertising revenue from some partners. Learn more.

Mortgage Refinance is paying off your existing home loan by replacing it with a new one, with new rates and terms. Most homeowners refinance to obtain better interest rates, change the duration of the loan, to consolidate debt, to tap into home equity to finance a large purchase, or to switch between fixed or adjustable of rates.

Mortgage Refinance can be a great solution to help lower monthly payments when interest rates have dropped, or because your credit score has improved significantly and you can therefore obtain a better rate. It can also shorten the life of your loan if you can afford steeper monthly payments, and help you change between types of interest rates.

The crucial factors to consider when choosing a mortgage refinance lender are the type of loan they offer, the difference to the life of your current loan, the difference in monthly payments, whether closing costs and fees make the refinance unviable, and how long you’re planning on staying in your home. Before starting to comparison-shop, ask yourself what you wish to obtain through the refinance, and if it makes sense as part of a larger financial plan for your future.

For instance, if you’re not planning on staying in your home long enough to recoup the closing costs, refinance may not be advisable. Another possibility is refinancing for a larger amount than your current mortgage, by tapping into your home equity, but this means taking on more debt and paying more interest in the long run. A similar problem occurs when you refinance to a longer term, which lowers your monthly rate, but extends the life of your loan, forcing you to pay more interest. Lastly, refinancing to consolidate and pay off high-interest debt can backfire if it’s not accompanied by effective budgeting.

Top 10 Companies

#1
LendingTree
Our Partner
9.8 / 10
  • Our #1 Choice, A+ Rating with the BBB
  • Rates as low as 3.25% APR (15 yr)
  • Compare quotes from up to 5 lenders for free in minutes
  • Save time, view offers online, and get your free credit score
  • More than 40 million customers served
  • When banks compete, you win!
#2
JG Wentworth
Our Partner
8.9 / 10
  • Super Low Mortgage Rates
  • No points and no hidden fees
  • No closing cost options available
  • Named by Lending Tree as top customer-rated in 1Q17
  • A+ BBB Accreditation
  • A wide variety of mortgage refinance options including cash-out and debt consolidation
  • Over $8,000,000,000 dollars in loans funded

 

#3
SoFi
Our Partner
8.9 / 10
  • Easy online application & competitive rates
  • No fees, no catch! No Application, Origination or Lenders Fees.
  • Refinance fast! Typical applications close in 30 days
  • Refinance up to 80% of your home’s value
  • Over $4,000,000,000 dollars in loans funded
#4
  • Close Loans in as Few as 21 Days.
  • Secure lower interest rates and reduce monthly payments
  • Modify your loan term
  • Consolidate multiple debts into one easy-to-manage loan
  • Get pre-qualified online
  • Mortgage Banker Association Member
  • Equal Housing Opportunity Lender
  • Multiple Refinance Programs to Choose From
#5
Loan Depot
Our Partner
8.9 / 10
  • Easy Online Refi Calculator
  • Historically Low Interest Rates
  • Talk to a Licensed Mortgage Banker If You Prefer Phone
  • Cash-out & Debt Consolidation Options
  • Convenient in-home document signing & No Closing Cost Options Available!
#6
HARP Quiz
Our Partner
8.7 / 10
  • Fast and simple online application
  • Wide network of lenders to choose from
  • Receive up to 4 messages per month
  • Get match to a list of potential lenders
  • Determine if you are eligible for a HARP refinance
#7
Lower My Bills
Our Partner
8.7 / 10
  • Get quotes from lenders online
  • Flexible payment and interest rate
  • Free online service for rate comparison on bills and other cost of living
  • More than 500 service provider in different categories
  • Easy 3-minute application
#8
Rocket
Our Partner
8.7 / 10
  • Rocket Mortgage by Quicken Loans!  We’ve Reinvented the Refinance Process…
  • Get an automated refinance approval in minutes
  • Save time & avoid paperwork by sharing your finances online. 
  • Real Numbers in Real-Time
  • #1 in Client Satisfaction by JD Power 6 Years in a Row!
#9
Amerisave
Our Partner
8.6 / 10

 

  • Online, Quick and Easy Application Process
  • $1000 Rate Match Guarantee!
  • Receive a no obligation rate quote in one minute.
  • You don't need to input any personal information!
#10
Bankrate Mortgage Refinance
Our Partner
8.6 / 10
  • Find the latest rates for purchasing and refinancing
  • View refinance rates in your area
  • Get tips in refinancing home loan
  • Online tools available
  • Easily compare mortgage rates online
Don't see the business you are looking for?

Best Mortgage Refinance: Summed Up

RankCompany NameStrengths
1LendingTreeBest Overall
2JG WentworthMortgage Related Fees
3SoFiMortgage Related Fees
4CrossCountry Mortgage RefinanceFinancial Reputation

How We Compare Mortgage Refinance

Select 2 mortgage refinance companies to compare
vs
Mortgage Types - 25%
Qualifying - 20%
Mortgage Related Fees - 25%
Financial Reputation - 15%
Reviews & Support Service - 15%

Customer Questions & Answers

What is mortgage refinancing?

Mortgage refinancing replaces an existing mortgage with a new one in order to obtain a better interest rate, or to switch from a variable to fixed structure. This process is more advisable for those with good credit than bad, especially in times of economic uncertainty. If handled irresponsibly, interest rates can increase rather than decrease.

What is a HARP loan?

A Home Affordable Refinance Program (HARP) loan is one backed by the Federal Housing Finance Agency. It is intended for those homeowners who are up-to-date on their mortgage payments, but have very little equity in their homes. In practice, HARP loans are used to help qualified borrowers refinance their home mortgages.

When should I refinance my mortgage?

The best time to refinance a mortgage is within the first third of the term, as monthly installments during that period largely go towards interest repayment. In the case of a 30 year term, refinancing for a lower interest rate within the first 10 years will yield more demonstrable effects than later in the term.

Who should refinance their mortgage?

Mortgage refinancing is best for those with good credit whose current mortgage has an interest rate above the nationwide average. Conversely, if the borrower has bad credit, then their mortgage interest rates could increase, rather than decease. If the borrower cannot afford said increase, then they should not attempt to refinance.

Resources From Our Editors
Refinance Mortgage with No Closing Costs
To find the best mortgage refinance lenders with no closing costs, we evaluated their terms, types, fees, financial reputation, and reviews.
VA Mortgage Refinance
We selected the best lenders of VA mortgage refinance based on their qualification criteria and application process.
Mortgage Refinance Buyer’s Guide
Similar to the stock market, mortgage rates fluctuate daily from Monday through Friday. They can even change during the course of a day in certain circumstances. If you are a homeowner with an existing mortgage, sometime during the course of your...
Refinancing Your Home Mortgage Loan
So, you’re thinking of refinancing your home? That’s a great idea because it’s possible that you could save a substantial amount of money on your mortgage – every month and over the life of your loan. Of course, there are many...
HARP Program - Is a HARP Mortgage Right for Me?
Most of us remember the devastation that was caused by the collapse of the housing market almost 10 years ago. In early 2006, housing prices peaked; they began to decline in 2006 and 2007, and on December 30, 2008, the Case-Shiller...
Is a Mortgage Refinance Right for Me?
A recent study shows that more than 3 million borrowers could save $200 a month or more, with nearly 1 million having the potential to save $400 a month or more. SHOULD I REFINANCE MY MORTGAGE? With mortgage interest rates at...
Cash-out Refinancing vs Home Equity Loans
Cash-out refinancing and home equity loans are both ways for borrowers to access the equity they've accumulated in their homes and use it for home improvement projects, debt consolidation, or other financial needs. Since they're secured by the borrower's house, they're...
How to Refinance Your Mortgage with Bad Credit
Can I Refinance My Mortgage With Bad Credit? Refinancing your mortgage is not impossible with bad credit, it just may be a bit more difficult, and you probably won't be offered the same rates as someone with good credit. Whether you’re...
Mortgage Refinancing for Dummies
Refinancing your mortgage is essentially replacing your existing mortgage with a new one. Whether you are refinancing your mortgage to save on interest, switch from a variable to a fixed rate, or release equity from your home, the process of refinancing...
Mortgage Refinancing: When Does It Make Sense?
What Is Mortgage Refinancing? Mortgage refinancing is a financial process by which an existing mortgage is replaced with a new one. This is done in order to either obtain a more favorable interest rate, to switch from a variable to fixed...
Editor's Choice
Our Partner